Do you need more time to file your business return this year? No sweat — that’s what tax extensions are for. Read on to learn more about filing for a business return extension this year. What is a business tax extension? Sole proprietorships, partnerships, LLCs, and corporations can file a six-month extension request with the
Taxes
This week’s state tax map looks at throwback and throwout rules in states’ corporate tax codes. These rules may not be widely understood, but they have a notable impact on business location and investment decisions and reduce economic efficiency for the states which impose such rules. Over the long run, these rules reduce competitiveness while yielding very
Before competing in the UEFA Champions League, football clubs in Europe also compete to lure the best players. After the “Bosman ruling” abolished the limit of foreign players allowed on a team, in 1995, the share of foreign players in the European football clubs went up dramatically. With Europe’s high degree of cross-border mobility, taxes
After weeks of closed-door deliberations between legislative leaders in Kentucky’s House and Senate, lawmakers on March 29 unveiled and quickly adopted a committee substitute to House Bill 8, which passed both chambers with a veto-proof supermajority that same day. The amended legislation uses tax triggers to reduce Kentucky’s individual income tax rate, with the possibility
Table of Contents Key Findings In calendar year 2022, state-local tax burdens are estimated at 11.2 percent of national product. Taxpayers remit taxes to both their home state and to other states, and about 20 percent of state tax revenue comes from nonresidents. Our tax burdens analysis accounts for this tax exporting. New Yorkers faced
As a tax prep service, we know financial literacy is an invaluable skill to have, no matter your goals or occupation. But finances tend to be a touchy subject for many Americans. A Global Financial Literacy survey back in 2018 found that 60 percent of U.S. adults classified themselves as financially anxious. This was even
Key Findings The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021. We estimate
In most European OECD countries, corporate income is taxed twice, once at the entity level and once at the shareholder level. Before shareholders pay taxes, the business first faces the corporate income tax. A business pays corporate income tax on its profits; thus, when the shareholder pays their layer of tax they are doing so
Should I Itemize or Take the Standard Deduction? To itemize or not to itemize? This is a question many taxpayers find themselves asking when tax season rolls around. Thankfully, deciding whether you should itemize your deductions or take the standard deduction is usually straightforward. The main question you need to answer is: “Which method leads
After the failed approach of the Trump administration’s tariffs and trade war along with the current need to reduce inflation and increase productive capacity, we hoped the administration would reevaluate the tariffs. But under the Biden administration’s new trade policy agenda, most U.S. businesses will continue facing tariffs on billions of dollars’ worth of imported
Let’s set the stage: You’ve been self-employed for a while, and you’re a pro at doing your small business taxes by now. You hustled and worked hard last year — business has been booming. As you fill out your tax return for the year, you start to realize that Schedule C is looking a bit
This week, President Biden introduced a new tax proposal as part of the White House fiscal year 2023 budget to raise taxes on households with net wealth over $100 million. The proposal would require wealthy households to remit taxes on unrealized capital gains from assets such as stocks, bonds, or privately held companies. Biden’s proposal
A bill that would prohibit the sale of flavored tobacco and nicotine products, HB22-1064, is moving through the Colorado legislature, which undoubtedly would have a significant impact on the revenue from taxes levied on those products. Flavored tobacco and nicotine products make up a significant portion of the market: over 20 percent of cigarettes and
One of the most important decisions you’ll make as a small business owner is choosing your legal business structure. As with most business decisions, there is no one-size-fits-all for selecting the best option. Which classification you choose ultimately depends on your business goals, ownership structure, and more. But how do entrepreneurs determine if a limited
President Biden’s budget came out this week with a very sensible message about the need for stronger economic growth and sound fiscal policy: “Critically, my Budget would also keep our Nation on a sound fiscal course. It fights inflation and helps families deal with rising costs by growing our economy, making more goods in America,
Mississippi lawmakers entered the 2022 legislative session with the motivation and resources to implement income tax reductions and, despite stark contrasts in approach, concluded by delivering meaningful relief for taxpayers. The Mississippi Tax Freedom Act of 2022 (HB 531) began the session as an effort to totally repeal the individual income tax, a proposal we
Nobody likes unpleasant surprises when it comes to taxes. And if you unexpectedly find yourself owing the IRS hundreds or thousands of dollars that you don’t have, it’s normal to feel the panic start to set in. But we can help. If you can’t afford to pay your entire tax bill upfront, you aren’t alone.
How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax data, explore
States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. It’s unsurprising that many policymakers have jumped at the chance to apply surpluses to meet the genuine needs of many residents—but good intentions do not always make for good policy. Tax rebates, gas tax holidays, and other temporary tax expedients
As cryptocurrency investments become more mainstream, many taxpayers wonder how they can quickly and accurately report digital currency transactions on their tax returns. Enter your newest tax-filing duo: TaxAct® and TaxBit. What crypto means for your taxes The IRS classifies cryptocurrencies, NFTs, and other digital assets as property for tax purposes. As property, a taxable
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